Platinum Unhedged Fund

Platinum Unhedged Fund is a long-only global fund with A$315.6 million under management^ and a track record of delivering 11.4% compound return annually since inception (on 28/1/2005).*

The fund gives investors exposure to undervalued companies across the globe, including both developed and emerging markets, and is unconstrained by industry sector. Its portfolio consists largely of the manager’s best high conviction stock ideas drawn from all the Platinum Trust Funds.

The fund does not undertake any currency hedging – its currency exposure is determined by the currencies in which the fund’s securities holdings and cash holdings are denominated, which means that its global equity exposure also provides substantial currency diversification.

Platinum Unhedged Fund employs a long-only strategy and does not undertake any short-selling. Cash holdings (typically no more than 25% of the fund’s net asset value) provide the portfolio with a degree of protection in market downturns.

“China” indicates a company whose business is predominantly based in mainland China, regardless of whether its securities are listed on exchanges within or outside of mainland China.

All data as at [30 April 2019] .

“Long %” represents the Fund’s effective exposures to the relevant sectors as a percentage of the Fund’s NAV, taking into account direct stock holdings and long derivative positions (stocks and indices). As the Fund does not undertake short-selling, the Fund’s net exposures (“Net %”) are the same as its long exposures (“Long %”).

“Long %” represents the Fund’s effective exposures to the relevant regions as a percentage of NAV through stock holdings and long derivatives (stocks and indices). As the Fund does not undertake short-selling, the Fund’s net exposures (“Net %”) are the same as its long exposures (“Long %”). “Currency %” represents the Fund’s effective exposures to the relevant currencies as a percentage of NAV through stock holdings and cash.

The “Top 10 Positions” table shows the Fund’s top 10 long stock positions as a percentage of the Fund's NAV, taking into account direct stock holdings and long derivative positions.

Fund returns are annualised, are calculated using the net asset value per unit (which does not include the buy/sell spread) of C Class of the fund, and represent the combined income and capital returns of C Class over the period from its inception date (as specified) to 30 April 2019. Returns are net of accrued fees and costs, are pre-tax, and assume the reinvestment of distributions. The investment returns shown are historical and no warranty can be given for future performance. Historical performance is not a reliable indicator of future performance. Source: Platinum Investment Management Limited.